There are many ways through which the elderly can reduce their income taxes. Approximately 13% of the U.S. population is over the age of 65, and a large percentage of seniors are on fixed incomes. Reducing tax liability is necessary for many individuals, as senior income doesn’t usually increase...

Everyone is concerned about identity theft, and tax time can be of particular concern. Identity theft begins when someone gains access to your personal information – most often a Social Security number – and uses it for his or her own gain. The information may be used to get a job or to...

That’s right, we’re giving away copies of TurboTax Deluxe Edition 2011 (valued at $69.95) to two lucky Facebook fans! How to Enter Entering is simple. All you have to do is go to the BTH Tax Blog Facebook page and click the “Like” button by February 29th. Contest Rules Anyone can enter...

This tax season, you may want to do what millions of people do and hire a tax preparer to help you file your income tax return. To choose the best professional to help you with your specific tax needs, there are several criteria that you should consider. When making this important decision, be sure...

The 2011 fiscal year tax season will mark more than two decades of the extremely popular and highly successful IRS e-file program. This year, there are more options than ever for the average American to settle up with the IRS in a fast, free, safe and secure manner by using IRS e-file. Since e-filing...

If you are a small business owner who pays independent contractors, service providers and other individuals for freelance or contract work, you are required to issue IRS Form 1099. These forms are sent to any individuals who you’ve made payments to in order to be used in their own tax filing. The...

The tax deadline to file your 2011 tax return is April 17, 2012. If you are unable to file your return by the due date, in most cases you will want to file for an automatic tax extension. Here is a look at all that you need to know about filing for a tax extension, along with any special filing circumstances...

There is generally some confusion as to how bonus income is taxed. Many people mistakenly believe that the bonus they receive from their employer during the holiday season is taxed at a higher rate than regular income. Others believe that a year-end bonus could bump them into a higher tax bracket, resulting...

If you’ve been doing your research on tax credits and deductions, some of the sources that you’ve come across might mention that you’ll want to watch out for the AMT when using them. The alternative minimum tax (AMT) system is intended for higher-income taxpayers, but over time has come to...

When you’re working for your employer on the road or from a home office, you’re likely to run up a lot of expenses, some of which may not be reimbursed by your employer. It is crucial that you do not throw away the receipts for those expenses. By keeping track of your business expense documents,...